Olin Oil Exits Convenience Store Business
BRODHEAD, Wis. — Another small operator is exiting the convenience retail industry. Olin Oil Co. Inc. recently sold its seven convenience store locations to WRE LLC for an undisclosed amount.
The stores included in the deal are located in Albany, Footville, Juda, Brooklyn, Monroe, Brodhead and Evansville, Wis. Both WRE and Olin Oil are based in Brodhead.
The owners of Olin Oil, a petroleum products distributor and retailer, previously planned to grow the chain beyond its existing seven stores. However, when WRE approached the company with an offer, Olin determined it was a good fit for them to exit as owners, according to Kristen Olin-Olmedo, president of Olin Oil.
Family-owned Olin Oil first began operations in 1958.
[Read more: Cox Oil Exits C-store Industry With Sale to Tri Star Energy]
Terry Monroe, president and founder of Effingham, Ill.-based American Business Brokers & Advisors, advised Olin Oil on the transaction. The company provides merger and acquisition and advisory services in the sale of multi-site convenience stores and fuel distribution.
Olin Oil is one of several longtime family-owned companies to exit the c-store industry recently as consolidation continues to trend in the channel.
In July, Alta Convenience purchased eight c-stores branded as JR's Fuel Stop locations from Trinidad, Colo.-based Duran Oil for undisclosed terms. After starting out as a fuel delivery driver in 1957, J.R. Duran opened Duran Oil Co. in 1977.
Additionally, Lou Perrine's Gas & Grocery, a well-known independent convenience store retailer in Kenosha, Wis., ended operations after nearly 70 years in business on July 11. Its two locations were acquired by an unnamed Indianapolis-based investment firm following multiple years of discussions. Lou Perrine Sr. opened the business as a full-service Clark station in 1954 and later handed the reins over to his son Lou Perrine Jr., who was succeeded by third-generation owner Anthony Perrine.